Re: what to do about charge off?

Posted by LadynRed (199.91.33.254) on September 16, 2002 at 17:38:12:

In Reply to: what to do about charge off? posted by keith on September 16, 2002 at 16:06:08:

Chase is NOT a collection agency. I believe I read in another Providian-related post here or elsewhere that Chase has bought out Providian (or some such thing) so Chase now owns the accounts and will, of course, attempt to collect on them.

FYI - IF you take their 30% settlement offer, you will most likely receive a 1099-C from them which is a 'cancellation of debt' form filed with the IRS. Anything over $600 forgiven is reported and YOU have to pay taxes on it as if it were regular income, so be very careful about this if you decide to accept it.

The interest is in the contract, so Yes, it will keep racking up the interest and fees, even after charge-off.

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